Every business needs a strong team to lead it towards success. There are very few big businesses powered by one lone wolf at the top. Instead, you need the combined expertise of a variety of experts. I’ve seen a lot of businesses fail within their first two years. It’s almost always because the CEO wasn’t willing to delegate and bring on the right team members. As an entrepreneur, it’s crucial to know where your talents end. Know your limits, and bring in the right people who complement your skills. So, here are the five people you need on your team.
A partner – I firmly believe that every good entrepreneur needs a business partner. You need someone who balances your skill set and complements your expertise. Most importantly, you need someone who shares your vision and passion for the future. Starting a business is hard. It’s also demoralizing as you struggle to get things moving. There are dark times ahead, and you need someone to help you through them. A good partner will help you bounce ideas off each other. They’ll keep you going in the tough times.
An accountant – No matter what business you’re running, one skill is always essential. Accounting. You need at least one person with a good head for numbers and finances. That person will crunch the numbers, and manage the future costs. If that person isn’t you or your partner, make sure you hire a third-party accountant. Money is one of the most terrifying parts of running a business. Make sure you’re managing yours with strict professionalism.
A lawyer – As a new business owner, you might not think you need a lawyer. But, trust me, you do! There are all sorts of legal obligations that even small companies must adhere to. Your first job is deciding the structure of your business. Choosing between sole-trader, partnership or limited company is a big decision. Each has its legal consequences. Then there are intellectual property issues such as copyright, patents and trademarks to consider. Lastly, there is the issue of public and employee liability. These all need the expert eye of a qualified business lawyer. I use Kernaghan & Associates for my business needs, and the company has been watertight from the beginning.
The industry expert – Now that the two big administration roles are taken care of, you need an industry veteran. You need a person who understands the intricacies of the sector, and can steer you on the best path. You might have all the creative ideas, but without industry expertise, you’ll never make the cut. This could be a consultant or a full-time board member. It could even be you! Either way, you need sound, experienced counsel.
The salesperson – Again, this could be you or your partner, but it needs to be someone! You need at least one person on your team who is a world-class salesperson. That person will pitch to investors, and help land those first clients. If you want to grow your business, you need to know how to sell. It’s not a skill that comes naturally to everyone, so if you’ve got it, use it!
That’s it, folks. Those are the essential members of your business dream team.